Albanese Development Corp. Completes Purchase of 510 West 22nd Street

NEW YORK CITY—The Albanese Development Corporation has purchased 510 West 22nd Street for $54.5 million. ADC plans to redevelop the site from a vacant, five-story garage into a class-A commercial office building. CBRE’s Brian Gell, vice chairman and Laurence Briody, senior vice president, are the exclusive leasing agents on behalf of ADC for the property.

The site was purchased from Highland Capital, a Texas-based investment fund, which acquired it from the previous owner, an investment group that included Shawn Carter, the rapper known as Jay-Z.

ADC has enlisted Cook+Fox Architects, the designer of the Bank of America Tower at One Bryant Park, to design the nine-story, 175,000-sq.-ft. building with 200 feet of frontage along the High Line in West Chelsea. The plan calls for 14- to 20-foot ceiling heights and column-free efficient floor plates ranging from 15,000 to 20,000 sq. ft. The Olayan Group, a private multinational enterprise, is a major investor in the development of this project. Alf Naman, a West Chelsea developer, is also an investment partner. Acquisition financing was provided by HSBC Bank USA, N.A.